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5 things you should know: Insolvency Reforms for Small Business

On 24 September 2020, the Australian Government announced its proposed major reforms to insolvency laws to support small business recovery and to streamline the insolvency process. The reforms are expected to commence on 1 January 2021, subject to the passing of legislation. The reforms will adopt features from Chapter 11 of the United States Bankruptcy Code, being a “debtor in possession” corporate insolvency model.
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Thank you, High Court: some certainty created around Insolvency and Corporate Trustees

The High Court in Carter Holt Harvey Woodproducts Australia Pty Ltd v The Commonwealth [2019] HCA 20 has clarified and confirmed that in the winding up of an insolvent corporate trustee, trust assets to which the company is entitled (via its right of indemnity) are property of the company, and the statutory priority regime under the Corporations Act 2001 (Cth) (Act) applies in terms of the distribution of the trust assets.  
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Receiver vs Liquidator: who is to distribute under s561 of the Corporations Act?

The decision in Kirman, In the matter of RWE Robinson & Sons Pty Ltd [2019] FCA 372 (Kirman) has clarified and confirmed that receivers, in a concurrent liquidation and receivership situation, have the ability to make payments under section 561 of the Corporations Act 2001 (Cth) (Act).

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